South Australian bakery group Balfours has acquired its Sydney-based rival Betabake for an undisclosed amount.

The acquisition of Betabake, which has annual revenue of around A$25m (US$17.9m), is expected to boost Balfours’ revenue to more than $100m.

Balfours chief executive Malcolm Gibbons, who led a management buyout of Balfours in 2001 after it was placed in receivership, said the company aimed to triple its turnover to £300m in the short to medium term, reported the Daily Telegraph.